Oviva Secures $80M Funding for Digital Health Programs

Oviva Secures $80 Million in Series C Funding to Expand Digital Health Support

U.K.-based health tech company Oviva, specializing in digital support solutions – including treatment for Type 2 diabetes – has successfully closed a $80 million Series C funding round. This investment brings the total funding raised by the company to $115 million.

Growth and Investment Details

The funding round was co-led by Sofina and Temasek, with participation from existing investors including AlbionVC, Earlybird, Eight Roads Ventures, F-Prime Capital, MTIP, and various angel investors. Oviva intends to utilize these funds to accelerate its expansion following a period of substantial growth.

Addressing Rising Health Concerns

The increasing prevalence of obesity and related health issues, such as Type 2 diabetes, in developed Western nations is driving demand for preventative healthcare solutions. A growing emphasis is being placed on proactive health management to mitigate escalating healthcare costs.

Oviva’s Integrated Approach to Lifestyle Management

Oviva offers a comprehensive lifestyle management program designed to address weight control and associated health conditions. The company delivers personalized care through qualified healthcare professionals, combined with digital tools that empower patients to monitor their diet, receive support, and track their progress towards individual health objectives.

Clinically Backed Results

The effectiveness of Oviva’s methodology is supported by 23 peer-reviewed publications. These studies demonstrate an average weight loss of 6.8% over six months for individuals with obesity. Furthermore, specialist programs have shown a 53% remission rate of Type 2 diabetes after 12 months.

Distribution Model and Current Markets

Oviva primarily distributes its digitally-delivered programs through health insurance companies and publicly funded healthcare systems, who then offer or refer the service to their members or patients. Currently, Oviva’s programs are available in the U.K., Germany, Switzerland, and France, with expansion being a key focus of the Series C funding.

Expansion Strategy and Digital Reimbursement

“We will expand to European markets where the health system reimburses the diet and lifestyle change we offer, especially those with specific pathways for digital reimbursement,” Oviva stated. The company notes an increasing trend of healthcare systems establishing specific routes for digital health reimbursement, citing examples in Germany and Belgium.

Market Opportunity and Reach

To date, Oviva has provided treatment to 200,000 individuals. However, the potential market is significantly larger, with over 300 million people in Europe facing health challenges linked to diet or potentially improved through personalized dietary interventions. The company emphasizes that only a limited proportion of this population currently has access to digital care.

Partnerships and Growth Metrics

Oviva has established over 5,000 partnerships with health systems, insurers, and physicians to broaden access to its technology. The company reports having more than doubled both the number of people treated and its revenue in the past year.

Future Goals and Team Expansion

The Series C funding will enable Oviva to support millions more individuals across Europe struggling with diet- and lifestyle-related health issues. The company also plans to grow its team to 800 employees by the end of 2022.

Digital vs. Face-to-Face Care

Beyond potential cost efficiencies, studies indicate that digital care demonstrates superior uptake and completion rates. Oviva consistently achieves uptake rates exceeding 70% and completion rates around 80%, even among traditionally underserved populations. This contrasts with uptake and completion rates of less than 50% for most in-person services.

Competitive Landscape

Oviva identifies Liva Healthcare and Second Nature as its primary competitors within the region. WW (formerly Weight Watchers) also presents competition in markets where reimbursement is available. Numerous other wellness apps and solutions exist, but Oviva distinguishes itself by focusing on reimbursed medical care.

Potential for Mergers and Acquisitions

In addition to organic growth and market expansion, Oviva is open to exploring potential mergers and acquisitions. The company seeks opportunities to integrate its technology with existing medical networks to enhance patient care and value creation.

Strategic Expansion and Future Outlook

Oviva is prepared to pursue both greenfield development and acquisitions as it expands into new countries, aiming to leverage its technology for improved patient outcomes and increased value within the healthcare ecosystem.